REGISTERED NUMBER: 06016402 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2025

for

Grays Fitted Furniture Ltd

Page

Balance Sheet

1

Notes to the Financial Statements

3

Fixed assets

Intangible assets

5

-

-

Tangible assets

6

73,176

78,561

73,176

78,561

Current assets

Stocks

7

107,917

94,262

Debtors

8

70,196

31,659

Cash at bank and in hand

92,008

92,536

270,121

218,457

Creditors

Amounts falling due within one year

9

(135,557

)

(86,732

)

Net current assets

134,564

131,725

Total assets less current liabilities

207,740

210,286

Creditors

Amounts falling due after more than one year

10

(20,248

)

(51,880

)

Provisions for liabilities

(3,537

)

(5,177

)

Net assets

183,955

153,229

Capital and reserves

Called up share capital

1,100

1,100

Share premium

13

295,900

295,900

Retained earnings

13

(113,045

)

(143,771

)

183,955

153,229

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2025 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 22 September 2026 and were signed by:

Mr M Cooper - Director

1.	Statutory information

Grays Fitted Furniture Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

06016402

Registered office:

Queens Head House

The Street

Acle

Norwich

Norfolk

NR13 3DY

The presentation currency of the financial statements is the Pound Sterling (£).

2.	Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	Accounting policies

Basis of preparing the financial statements

The company meets its day to day working capital requirements through the support of its director. On the basis of the anticipated cashflows the director considers that the company will continue to trade successfully for the foreseeable future. On this basis, the director considers it appropriate to prepare the financial statements on the going concern basis.

Critical accounting judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2007, is being amortised evenly over its estimated useful life to 2024.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property

-

20% on cost

Plant and machinery

-

25% p.a. reducing balance and 20% p.a. reducing balance

Fixtures and fittings

-

25% p.a. reducing balance

Motor vehicles

-

25% on cost and 20% p.a. reducing balance

Computer equipment

-

33% on cost, 25% p.a. reducing balance and 20% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items. Net realisable value is calculated at the lower of cost or selling price less cost to complete.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4.	Employees and directors

The average number of employees during the year was 10 (2024 - 12 ) .

5.	Intangible fixed assets

Goodwill

£

Cost

At 1 January 2025

and 31 December 2025

243,698

Amortisation

At 1 January 2025

and 31 December 2025

243,698

Net book value

At 31 December 2025

-

At 31 December 2024

-

6.	Tangible fixed assets

Fixtures

Improvements

Plant and

and

to property

machinery

fittings

£

£

£

Cost

At 1 January 2025

9,936

51,271

18,433

Additions

-

744

2,999

Disposals

-

-

(1,092

)

At 31 December 2025

9,936

52,015

20,340

Depreciation

At 1 January 2025

8,776

24,179

10,168

Charge for year

1,160

6,810

2,558

Eliminated on disposal

-

-

(718

)

At 31 December 2025

9,936

30,989

12,008

Net book value

At 31 December 2025

-

21,026

8,332

At 31 December 2024

1,160

27,092

8,265

Motor

Computer

vehicles

equipment

Totals

£

£

£

Cost

At 1 January 2025

86,102

24,349

190,091

Additions

16,745

-

20,488

Disposals

(12,295

)

(15,908

)

(29,295

)

At 31 December 2025

90,552

8,441

181,284

Depreciation

At 1 January 2025

49,353

19,054

111,530

Charge for year

10,973

1,324

22,825

Eliminated on disposal

(9,621

)

(15,908

)

(26,247

)

At 31 December 2025

50,705

4,470

108,108

Net book value

At 31 December 2025

39,847

3,971

73,176

At 31 December 2024

36,749

5,295

78,561

Fixed assets, included in the above, which are held under hire purchase contracts and finance leases are as follows:

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

Cost

At 1 January 2025

37,247

46,162

2,757

86,166

Additions

-

16,745

-

16,745

At 31 December 2025

37,247

62,907

2,757

102,911

Depreciation

At 1 January 2025

13,386

16,590

1,103

31,079

Charge for year

5,965

9,847

413

16,225

At 31 December 2025

19,351

26,437

1,516

47,304

Net book value

At 31 December 2025

17,896

36,470

1,241

55,607

At 31 December 2024

23,861

29,572

1,654

55,087

7.

Stocks

31.12.25

31.12.24

£

£

Stocks

174,869

166,793

Payments on account

(66,952

)

(72,531

)

107,917

94,262

8.

Debtors

31.12.25

31.12.24

£

£

Amounts falling due within one year:

Trade debtors

60,904

23,446

Other debtors

3,172

2,093

64,076

25,539

Amounts falling due after more than one year:

Other debtors

6,120

6,120

Aggregate amounts

70,196

31,659

9.

Creditors: amounts falling due within one year

31.12.25

31.12.24

£

£

Bank loans and overdrafts

4,168

10,000

Hire purchase contracts and finance leases (see note 11)

38,880

15,439

Payments on account

4,869

6,508

Trade creditors

43,591

15,031

Taxation and social security

40,222

31,696

Other creditors

3,827

8,058

135,557

86,732

10.

Creditors: amounts falling due after more than one year

31.12.25

31.12.24

£

£

Bank loans

-

4,168

Hire purchase contracts and finance leases (see note 11)

20,248

47,712

20,248

51,880

11.	Leasing agreements

Minimum lease payments fall due as follows:

Hire purchase contracts

Finance leases

31.12.25

31.12.24

31.12.25

31.12.24

£

£

£

£

Gross obligations repayable:

Within one year

32,068

9,429

9,331

9,803

Between one and five years

9,381

28,191

12,550

21,880

41,449

37,620

21,881

31,683

Finance charges repayable:

Within one year

1,193

1,744

1,326

2,049

Between one and five years

969

244

714

2,115

2,162

1,988

2,040

4,164

Net obligations repayable:

Within one year

30,875

7,685

8,005

7,754

Between one and five years

8,412

27,947

11,836

19,765

39,287

35,632

19,841

27,519

Non-cancellable

operating leases

31.12.25

31.12.24

£

£

Within one year

36,000

33,800

12.	Secured debts

The following secured debts are included within creditors:

31.12.25

31.12.24

£

£

Hire purchase contracts and finance leases

59,128

63,151

13.

Reserves

Whilst the distributable retained earnings remain negative, the director has agreed that no dividends will be declared.

14.	Director's advances, credits and guarantees

The following advances and credits to a director subsisted during the years ended 31 December 2025 and 31 December 2024:

31.12.25

31.12.24

£

£

Mr M Cooper

Balance outstanding at start of year

(376

)

19,646

Amounts repaid

-

(20,022

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(376

)

(376

)

15.	Ultimate controlling party

The ultimate controlling party is Mr M Cooper.